Have your clients ever said to you, “this is way too confusing” or “why does this have to be so difficult?” When it comes to insurance, those feelings are quite common. Business owners have a lot on their plates, particularly if they work in a high-demand trade.
They’re also, at the same time, running a business. Time is precious and most days, the last thing on their mind is insurance – they expect to have the right coverage and for that policy to help protect them when needed.
There are millions of trade contractors in the United States representing hundreds of thousands of companies. Each one needs insurance that’s right for them – for where they’re located, how many employees they have, the risks of their specific work, and so on.
Let’s talk about how to make the insurance process, from start to finish, easier for everyone involved.
Insurance doesn’t have to be complex and overwhelming
There are many reasons why insurance can be confusing. There are different regulations and requirements for each state and providers use jargon and difficult-to-understand terminology when writing policies.
At the end of the day, the purpose of insurance is simple: to transfer liability and/or risk from the insured (the company and its employees) to the insurer (the carrier). To get that cut-and-dry bottom line, however, often requires a lot of explanation and education on behalf of the broker. There are also certain changes you can make to your own process that will help your clients better understand their coverages and how they work.
While technology has changed the way your contractor clients conduct their business – drones, AI, electric-powered equipment as examples – it has also changed how insurance operates as well. Most of it, we think, is for the better.
Finding the sweet spot of technology, communication and efficiency will make insurance far less complicated and way more approachable for your clients. Not only will they feel more confident in their own understanding of insurance and how they’re protected, but they will also feel more confident in you (the broker).
Making submissions more efficient
Submission is the process of proposing coverage to a provider. The broker collects all the necessary information about the business, its employees and nature of the work, potential risks etc. to present to the carrier. Oftentimes, this process can take way too long – and no one benefits.
Your clients need specialized insurance (which is why NIP Group is among the most trusted insurers for contractors and trades). A more seamless process for submission includes the following:
- Submitting only to carriers that can provide the right coverages.
- Tracking the submission’s progress in real-time.
- Communicating openly with the client.
- Making necessary changes or pivots if the submission isn’t accepted.
How to make binding faster and more accurate
In today’s insurance market, there’s no time for drawn-out binding processes. Your clients want you to submit their information for submission and get quoted as quickly as possible. Speed the process up by working with carriers (like NIP Group) who will quote quickly and accurately – which leads to a better binding success rate.
Manage claims and represent clients’ best interests
Claims management is one of the more time-consuming elements of commercial insurance. Here’s how to make it more efficient:
- Centralize all documentation and leverage technology to maintain it.
- Communicate openly and often, providing updates and obtaining additional documentation quickly.
- Utilize self-service claims portals when available and show insureds how to access.
- Communicate regularly with the insurer and keep the process on time.
Ease of doing business is to a broker’s benefit
When insurance is simple and understandable, everyone wins. Some clients may want just enough information to be dangerous, but as the broker, you can support them with technology and resources to save time and money – because in their line of work, time is money.
An efficient insurance process builds trust with your clients and also helps to grow your portfolio.
NIP Group supports brokers with industry-leading resources
An industry leader for more than 35 years, NIP Group works with contractors in a variety of trades to write specialized insurance policies that cover all the bases. With an extensive repository of resources, we support brokers and their agencies with marketing materials, fact sheets and other content to win more business.
From sales enablement articles to industry webinars and additional marketing support, NIP Group is uniquely positioned to protect construction businesses, tree care professionals, horticulture clients, and more. We also have the ability to white label our program overview briefs for your sales team.
Ready to get started? Learn more about the support we offer here.
